Post Nycomed and Millenium acquisition, the new leadership of
non-Japanese CEO/President Mr. Weber will transform Takeda into a truly
global Japanese company in the coming years. It is however important to
see how he fulfills the Japanese expectatiosn from these acquisitions
and fills the gap for Takeda due to the recent failure of its key late
stage pipeline candidates (TAK-875, TAK-700 in chemo experienced
Prostate Cancer).

Of the recent small to mid-sized consolidation activities in 2013 (Table
1), deals done with Natrogen (New-York, Natura alpha, IBD), Resolve
therapeutics, and Inviragen demonstrate Takeda's focused approach for
selective therapy areas (GI Speciality, Autoimmune, Vaccines), while its
deal with Arbor for out licensing EDARBI US rights reveals its
decreasing focus on primary care therapy area for the global market.

Vortioxetine (Brintellix) - US launch for MDD Likely in Early 2014 -
Competitive Enough Against Genericized MDD Market, Edivoxetine failure a
moderate Positive- while development of Brexpiprazole looks a close
competitor!